Interim Results

Panther Securities PLC
26 September 2001

                            Panther Securities PLC

Panther Securities PLC, the property investment company has today announced
its interim results for the six months 30th June 2001.

                             CHAIRMAN'S STATEMENT

Introduction

I am extremely pleased to present the interim figures for six months to 30th
June 2001. Pre tax profit amounts to £2,054,000 which compares favourably to £
1,118,000 for the same period last year. These figures have been enhanced by
an exceptional dividend of almost £1,500,000 received from our shareholding in
William Nash Plc although the compensatory reduction in share value of £
563,000 at 30th June has been offset against this in these results.

Rents received during this half increased from £2,628,000 to £2,945,000.

Main Events

In the period under review we acquired a freehold shop/office building in
Hazel Grove, Stockport for £475,000 which produces £65,000 per annum net. We
also acquired a freehold building in Dover which comprises a modern parade of
15 shops with maisonettes above occupying a site of approaching one acre. The
site adjoins Dover's pedestrianised prime shopping area, produces
approximately £250,000 per annum net and was acquired at a cost of £2,300,000.

During this period we disposed of 5 small shop properties by auction realising
a profit over book value.

Panther House Redevelopment

Our redevelopment proposals for this site are progressing slowly and we
continue our discussions with interested parties. It is likely that it will be
commercially advantageous to the company if we obtain planning permission for
the front section prior to any sale. Most shareholders will be aware from my
previous statements that we already hold outline planning consent for the
balance of the site.

Bristol Redevelopment

As reported to shareholders in my letter of 6th July, this substantial
superstore and shopping centre redevelopment, which had been called in by the
Department of the Environment for a full public planning enquiry, has finally
received the Minister's approval. This was extremely pleasing and represents a
major step forward in our redevelopment proposals.

We are currently negotiating with Bristol City Council a development brief
that will allow us to acquire the few remaining outside interests that are
necessary to impliment the scheme. The Council will, if necessary, use its
compulsory purchase powers to assist us. With planning consent having now been
granted, the remaining site acquisition and conclusion of agreements with the
Council, our ground lease restructuring is proceeding smoothly.

Despite the fact that the scheme is not yet ready for marketing, interest has
been shown by some of the major superstore operators.

Elmbank Chambers, Glasgow

This property, as mentioned in last year's annual statement, is sold subject
to a condition that planning permission is granted for change of the present
use from office to residential. The planning process has, as always, taken
longer than anticipated but we believe planning consent will be granted within
the next few weeks. Completion of the sale can then take place at a figure in
excess of our book value.

Other Investments

From time to time we make investments in companies where the stock market
value does not reflect the value of the underlying property assets. Our
investment in William Nash Plc produced a very substantial dividend following
the sale by them of the major part of their property holding and the net
proceeds of sale were distributed in full to shareholders by way of dividend.
The amount we received by way of dividend was almost double our total
investment. William Nash Plc is proposing to de-list its shares and we are
retaining our existing stake for the time being.

We have profitably realized another quoted property shareholding and, in
addition, we have recently increased our shareholding in Eurocity Properties
Plc to approximately 23% of its issued share capital. This is a small AIM
listed property company which has a current share price standing at a big
discount to its stated net asset value.

Finance

We have renegotiated the loans within the Northstar Group of Companies
resulting in an extra £2,000,000 in additional resources secured on the
existing security. The additional loan will cause only a marginal increase in
our interest costs although there was a 'one-off break cost' of about £130,000
charged in these half year figures.

Since 30th June we have concluded an increase of £10,000,000 in our secured
Term loan facility with HSBC Bank Plc. Our cash balances currently exceed £
10,000,000 and in addition there are unused facilities of approximately £
6,500,000.

Dividends

Following the increased profits resulting from the substantial dividend
received from William Nash Plc, an interim dividend of 31/2p per share
(compared to 3p per share last year) will be paid on 26th October 2001 and it
is your Board's intention to recommend a final dividend of not less than 31/2p
per share in due course.

Prospects

There had already been a general slow down in business activity that had not
then significantly affected the commercial property market but the terrorist
devastation of the World Trade Center in New York on 11th September, besides
having enormously tragic consequences for many thousands of families, will
cause an impetus to a business cycle downturn which is not easily assessable.

The excessive Stamp Duty increases imposed by 'Greedy Gordon' over the last
few years on all larger value property purchases has already had its effect
and will further slow economic activity to everyone's detriment.

Our Company is well placed to face any downturn that may come as we have
medium term finance at historically low fixed rates, a substantial amount of
cash, unutilised loan facilities and a positive cash flow from our well spread
portfolio. We are thus able to take advantage of any exceptional opportunities
that may become available.

Andrew S. Perloff
Chairman
25 September 2001



                         INTERIM CONSOLIDATED RESULTS

                   for the six months ended 30th June 2001


                                           Six months   Six months   Year ended
                                                   to           to
                                            30th June    30th June         31st
                                                                       December
                                                 2001         2000         2000
                                          (Unaudited)  (Unaudited)    (Audited)
                                   Notes         £000         £000         £000

Turnover                                        5,556        2,903        6,499
Cost of sales                                 (1,877)        (540)      (1,519)
                                             ________     ________     ________
Gross Profit                                    3,679        2,363        4,980
Administrative expenses                         (516)        (348)        (764)
                                             ________     ________     ________
Operating profit                                3,163        2,015        4,216
Profit on sale of investment                        3           50          143
property
Income from participating                        (54)           24           46
interests
Interest receivable                               131          247          381
Interest payable                              (1,189)      (1,218)      (2,390)
                                              _______     ________     ________
Profit on ordinary activities                   2,054        1,118        2,396
before taxation
Taxation                                        (407)        (308)        (621)
                                             ________     ________     ________
Profit on ordinary activities                   1,647          810        1,775
after taxation
Minority interests                                (3)          (5)          (7)
                                             ________     ________     ________
Profit attributable to members of               1,644          805        1,768
the
parent undertaking
Dividends                              3        (593)        (509)      (1,103)
                                             ________     ________     ________
Retained profit for the year                    1,051          296          665
Realisation of property                           167            -          261
revaluation
gains
Purchase of own shares                              -         (25)      (1,381)
Retained profit brought forward                 9,283        9,738        9,738
                                             ________     ________     ________
Retained profit carried forward                10,501       10,009        9,283
                                             ________     ________     ________
Earnings per share                     4         9.7p         4.5p        10.1p



                          CONSOLIDATED BALANCE SHEET

                             As at 30th June 2001



                                           30th June   30th June  31st December
                                                2001        2000           2000
                                         (Unaudited) (Unaudited)      (Audited)
                                                £000        £000           £000
Fixed assets
Tangibles                                     55,758      51,257         53,320
Investments                                      244       1,737            299
                                            ________    ________       ________
                                              56,002      52,994         53,619
                                            ________    ________       ________
Current assets
Stock                                          5,974       5,811          6,384
Debtors                                          959       1,468            681
Cash at bank and in hand                       6,057       7,083          5,013
                                            ________    ________       ________
                                              12,990      14,362         12,078
Current liabilities
Creditors:
Amounts falling due within one year          (3,357)     (3,773)        (3,057)
                                            ________    ________       ________
Net current assets                             9,633      10,589          9,021
                                            ________    ________       ________
Total assets less current liabilities         65,635      63,583         62,640
Creditors:
Amounts falling due after more than         (32,200)    (30,319)       (30,258)
one year
                                            ________    ________       ________
                                              33,435      33,264         32,382
Minority interests                             (100)       (113)           (97)
                                            ________    ________       ________
Net assets                                    33,335      33,151         32,285
                                            ________    ________       ________
Capital and reserves
Share capital                                  4,237       4,510          4,237
Revaluation reserve                           14,055      14,384         14,223
Profit and loss account                       10,501      10,009          9,283
Share premium account                          2,862       2,859          2,862
Negative goodwill reserve                      1,120       1,103          1,120
Capital redemption reserve                       560         286            560
                                            ________    ________       ________
Shareholders' funds                           33,335      33,151         32,285
                                            ________    ________       ________
Net assets per share                          196.7p      183.7p         190.5p









                          GROUP CASH FLOW STATEMENT

                    for the six months ended 30 June 2001
                                          Six months Six months to 12 months to
                                                  to
                                           30th June     30th June         31st
                                                                       December
                                                2001          2000
                                                                           2000
                                           Unaudited     Unaudited      Audited
                                  Notes         £000          £000         £000
Cash inflow from operating                     3,044         1,811        3,103
activities

Returns on investments and
servicing of finance
Interest received                                131           247          380
Interest paid                                (1,189)       (1,218)      (2,390)
Net cash outflow from returns                (1,058)         (971)      (2,010)
on investments and servicing of
finance

Taxation
Corporate tax paid                               (1)         (489)        (463)
Capital expenditure and
financial investment
Purchase of investments                            -             -          (5)
Sale of other tangible fixed                     248            50        1,604
assets
Purchase of other tangible fixed             (2,687)         (126)      (2,096)
assets
Net cash outflow from capital                (2,439)          (76)        (497)
expenditure and financial
investment

Acquisitions and disposals

Increase in holding of minority                    -             -          (3)
interests

Net cash inflow /(outflow) from                    -             -          (3)
acquisitions and disposals

Equity dividends paid                          (594)         (632)      (1,143)
                                            ________      ________     ________
Cash outflow before use of                   (1,048)         (357)      (1,013)

liquid resources and financing
Financing
Issue of shares                                    -             -            3
(Decrease)/Increase in debt                    2,092         (222)        (283)
Purchase of own shares                             -          (25)      (1,381)

                                               2,092         (247)      (1,661)
                                            ________      ________     ________

Increase/(decrease) in cash         1,2        1,044         (604)      (2,674)
                                            ________      ________     ________



                       Notes to the Cash Flow Statement

1. Reconciliation of net cash flow to movement in net debt
                                       Six months    Six months     12 months
                                     to 30th June  to 30th June  to 31st June
                                             2001          2000          2000
                                        Unaudited     Unaudited       Audited
                                             £000          £000          £000

Increase/(decrease) in cash in the          1,044         (604)       (2,674)
period
Cash (outflow)/inflow from increase       (2,092)           222           283
in debt
                                         ________      ________      ________
Change in net debt arising from           (1,048)         (382)       (2,391)
cash flows
Net debt at start of period              (25,245)      (22,854)      (22,854)
                                         ________      ________      ________
Net debt at period end                   (26,293)      (23,236)      (25,245)
                                         ________      ________      ________



2. Analysis of net debt
                          At 1st January 2001   Cash flow     At 30th June 2001
                                         £000        £000                  £000
Cash at bank and in hand                5,013       1,044                 6,057
Bank overdraft                              -           -                     -
Debt due within one year                    -       (150)                 (150)
Debt due after one year              (30,258)     (1,942)              (32,200)
                                     ________    ________              ________
                                     (25,245)     (1,048)              (26,293)
                                     ________    ________              ________







                            Notes to the Accounts:

1. Results

The six months results have been prepared on the historical cost basis,
modified to include the revaluation of fixed asset land and buildings,
although no further revaluation has been undertaken on any part of the
property portfolio since results were last reported. They are unaudited and do
not constitute statutory accounts within the meaning of section 240 of the
Companies Act 1985.

2. Accounts

The figures for the year to 31st December 2000 have been extracted from the
statutory accounts which have been reported on by the Group's auditors and
have been delivered to the Registrar of Companies. The auditor's report was
unqualified and did not contain any statement under section 237(2), (3) or (4)
of the Companies Act 1985.

3. Dividends

An interim dividend of 31/2p per ordinary share will be paid on 26th October
2001 to shareholders on the register on 5th October 2001.

4. Earnings per share

Earnings per ordinary share have been calculated on profit attributable to
members of the holding company and on 16,947,117 (June 2000 - 18,059,548)
ordinary shares being the weighted average number of ordinary shares in issue
throughout the six months ended 30th June.

5. Copies of this report are to be sent to all shareholders and are available
from the Company's registered office at Panther House, 38 Mount Pleasant,
London WC1X 0AP.